Cyber insurance market to hit $7.5 billion by 2020: PwC report

PricewaterhouseCoopers L.L.P. has said in a report that the cyber insurance market will triple in size to $7.5 billion in annual premiums by 2020, reported Reuters.

The report also said that the insurance industry could face competition from disruptors such as Google if it does not act fast to develop products. "If the industry takes too long, there is a risk that a disruptor could move in and corner the market by aggressively cutting prices or offering much more favorable terms," said PwC.